Insurers' first reporting under IFRS 17 and IFRS 9

Global IFRS Institute | Insurance | Real-time IFRS 17

• What are our key observations?
• What else did we look at?
• What’s next?

As part of our ongoing analysis of insurers’ reporting on implementing the new accounting standards –
IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments – we now share our observations  on selected insurers’ first interim reports and trading updates for the quarter ended 31 March 2023. 

We focused on:

• IFRS 17 disclosures and their comparatives in the interim reports; and

• the impacts of IFRS 17 on key performance indicators (KPIs).

Our analysis highlights the following.

• New disclosures under IFRS 17 provide previously unavailable insight into insurance contract measurement and results.
• Most insurers that issued interim reports under IAS 34 Interim Reporting disclose reconciliations of insurance contract liabilities for the current and comparative period. 
• Many insurers are starting to incorporate IFRS 17 and IFRS 9 into their KPIs, with varying impacts. As well as new KPIs emerging, insurers are now revising their performance targets.

We continued to monitor insurers’ IFRS 17 and IFRS 9 accounting policies and significant judgements. Our analysis includes an update on our previous observations and notes that insurers’ interim reports or trading updates either provide new information or confirm information previously provided in their December 2022 annual reports. 

Read our analysis of insurers’ first-quarter reporting under IFRS 17 and IFRS 9. 

Visit and bookmark our Real-time IFRS 17 page for more information and look out for the next issue in our real-time IFRS 17 series, looking at insurers’ first half-year reporting to 30 June 2023.